HSBC credit cards and personal loans 'up 5%'

HSBC has announced a pre-tax profit of 28 per cent, compared with the first half of 2009.

HSBC Bank Australia has announced its 2010 interim results, which has included a boost for credit cards and personal loans.

Demand for the products increased by five percent in the first half of this year, compared with the first half of 2009 - up to $1,140 million from $1,089 million.

As well as the Aussie credit card rise, the organisation - which offers HSBC savings accounts - also reported that customer accounts rose by 26 per cent during the same time period, while the firm made a pre-tax profit of $152 million (28 per cent).

Paulo Maia, chief executive officer of HSBC, said the overall result reflected a strong performance across all business lines.

He added: "HSBC's diversified business model focuses on relationship banking across retail, commercial and corporate and institutional sectors, supporting revenue generation through all stages of the economic cycle."

In March 2010, the bank reported it had increased its year-on-year profit before tax by 25 per cent.

By Nate Sawyer